Job Description

This role is responsible for ensuring ensuring that ABHI operates in full compliance with IRDAI regulations & other applicable laws by implementing and overseeing a robust compliance management framework by proactively identifying, assessing and mitigating compliance.

2) Dimensions: Mention quantitative or qualitative parameters that are relevant for the job and provide a better understanding of the scope and scale of the job.

Key Challenges for the role

• The business environment is becoming volatile. Defining and communicating acceptable risk at all level in complete and clear manner is difficult.
• The interdependency of risk factor & external & internal events have increased which is making risk more volatile & less comprehensible.
• In a competitive business environment ensuring that business is done in rightful & compliant manner is important to protect shareholders reputation but difficult.
• The regulatory environment is changing at fast pace. With the dynamic market conditions & changing regulatory aspects carrying out correct & timely interpretation of the revised regulatory framework is crucial to proactively advise to amend business plans to achieve business objective.
• Ensure regular and adhoc regulatory reporting is submitted without delay
• Advertisement are approved in compliance with Policyholders Protection Regulations and master circulars.
• Conduct compliance reviews to provide assurance to the managment
• Carry of Anti Money Laundering reviews on monthly basis and reporting to the regulatory to comply with the regulations.
• Providing advice to stakeholders on various regulatory aspects relating to regulations,
  internal processes, and business models of the company.
• Training and awareness: Engaging with stakeholders to create awareness of extant regulatorycompliance system workflow.
• Updation of compliance checklist on regular basis

Major challenges faced

• Dynamic and changing regulatory landscape requiring continuos monitoring and intepretation across all functions.
• Balancing Compliance & Business strategic decisions enabling business innovation while ensuring full regulatory adherence without late entry in market and sustaining competitive edge.

Key Result Areas

Supporting Actions

Regulatory Compliance & Goverce Framework

• Develop, implement, and update the Compliance Manual, policies, and procedures. Track, interpret, and disseminate new IRDAI circulars and regulations and followup for closures.
• Conduct compliance risk assessments and maintain a regulatory obligations register.
• Oversee timely submission of all IRDAI and statutory returns.
• Present compliance status reports to the Board / Audit / Risk Committee / ABG group quarterly.

Compliance Monitoring & Reporting

• Carry out periodic reviews / monitoring.
• Ensuring closure of audit / regulatory observations within agreed timelines and provide evidences.
• Handling inspection related tasks, drafting responses, arranging data within timelines and liasion with stakeholders for timely submissions and seek clarifications on queries raised by IRDAI

Business Enablement & Advisory Support

• Vet all new products, marketing materials, distribution models for compliance and customer communications (emails/letters/sms).
• Participate in business meetings and provide opinions and provide timely guidance to business teams on regulatory interpretations.
• Establish a fasttrack compliance advisory mechanism for gotomarket speed by doing competitive benchmarking and appraise senior management.

Overseeing Outsourcing Guidelines

• Ensure outsourced activities adhere to IRDAI s Outsourcing Guidelines, maintain adequate documentation, conduct meetings and keep records of presentation and minutes of meetings

Compliance Risk Identification & Mitigation

• Integrate compliance and risk function and inform them to conduct checks for regulatory risk assessments.
• Conduct regular compliance testings
• Monitor key risk indicators (KRIs) for emerging regulatory risks.

AML / CFT Framework Implementation

• Develop and maintain AML Policy and SOP in line with PMLA, IRDAI AML Guidelines and FIUIND requirements.
• Ensure Board approval and periodic review of AML policy and AML SOP.
• Integrate AML controls into underwriting, claims, and partner processes.
• Develop mandatory AML/CFT training modules for employees, agents, sales force.
• Maintain all AML RFI records and analysis carried.
• AML Advisories, trainings to be carried out for new joiners and existing employees on annual basis.

The purpose of the role is to implement risk management framework for efficient and effective goverce and management of significant risks, and related opportunities, to the business and its various segments with an objective to ensure that business is conducted in compliance with the regulatory and internal norms and within the accepted risk appetite.

Internal

CEO, Sales Heads, CFO, Actuary, COO, CMO, CTO, Head HR & Admin

CCRO / ABC Risk Head

Board & Board Committees

Leadership Team & other functions

Daily

Once in a month or more frequency on need base

Quarterly/ need based

Discuss Regulatory Developments, audit issues, risk & compliance issues. Develop strategies along with the LT to mitigate these Risks and improve goverce standards.

Discuss, update and take inputs on Risk & Goverce status and development, regulatory needs & guidelines

To Update & seek approval

External

Regulatory bodies (IRDA, ROC, FIUIND, GI Council, GBIC)

Market participants like FIMMDA, stock Exchanges, Intermediaries, rating agencies, consultants

Industry peers (other companies), lawyers, insurance ombudsmen

Sales Intermediaries / Customers

Auditors / Internal Auditors / Secretarial Auditors

Custodians

Build relationship & advise / guidance on regulations

Build Relationship to drive industry initiatives, advise

Build Relationship to drive industry initiatives, advise

Review and advise, discuss complaints / market conduct issues

Finalisation of Internal Audit Plan / Reports

Review and advise / guidance on market development

More Info

Education